Ismail Elmas, 49, of Vienna, Virginia, pleaded guilty today to defrauding more than 10 of his investment advisory clients—many of whom were seniors and widows—of more than $1 million in funds they entrusted to him to invest on their behalf.
Dana J. Boente, U.S. Attorney for the Eastern District of Virginia; and Andrew G. McCabe, Assistant Director in Charge of the FBI’s Washington Field Office, made the announcement after the plea was accepted by U.S. District Judge Anthony J. Trenga.
Elmas was charged by criminal information on October 21, 2014, on wire fraud charges. Elmas faces a maximum penalty of 20 years in prison when he is sentenced on January 16, 2015. The maximum statutory sentences are prescribed by Congress and are provided here for informational purposes, as the sentencing of the defendants will be determined by the court based on the advisory Sentencing Guidelines and other statutory factors.
In a statement of facts filed with the plea agreement, Elmas admitted to having worked as an investment adviser at Apple Financial Services (AFS), an affiliate of Apple Federal Credit Union (AFCU), during the time of his offense. Elmas also was registered with the Financial Industry Regulatory Authority (FINRA) as an investment adviser. In addition, he owned and operated a bank account in the name of “I.E. Financial Solutions.” From at least 2012 through in or around August 2014, Elmas misappropriated client funds given to him for legitimate investments in his capacity as an investment adviser, and he used those funds for his own purposes by way of his I.E. Financial Solutions bank account at NFCU. Elmas misappropriated these client funds in different ways. For example, he materially withheld the fact that I.E. Financial Solutions was his own bank account, never telling his clients that they were giving their money to his own purported investment vehicle. In other instances, Elmas falsely described I.E. Financial Solutions to clients as a particular investment vehicle (e.g., a Certificate of Deposit or a Real Estate Investment Trust). And for other clients, Elmas simply transferred the funds to his I.E. Financial Solutions account without providing truthful disclosures about the use and disposition of the funds. As a result of Elmas’ scheme, more than 10 victims lost more than $1 million but less than $7 million.
*WARNING-Graphic Language* As you can well imagine, there is quite a bit of graphic language in the video above. For whatever reason, if you can’t see the embedded Facebook post above, click this link.
Wow is all I can say about this. What do you think? I got a tip that this occurred over the weekend at the Yates Corner 7-Eleven in Alexandria, Virginia located on East Braddock Road.
In the video, a 7/11 clerk refuses to sell a bag of chips to an African American customer. A nice lady intervenes and has to purchase the bag of chips herself.
If you’re as outraged about this as I am, contact 7-Eleven directly at this link.
Wear Purple on October 23 for Domestic Violence Awareness
Join Alexandria for “Purple Out,” a regional campaign to raise awareness about domestic violence. On Thursday, October 23, participants, including domestic violence first responders, will wear purple clothing or purple ribbons to raise awareness and help educate the community about the patterns associated with domestic abuse. The color purple symbolizes the courage, persistence, honor, and commitment to ending domestic violence.
Members of the public are invited to take part by wearing purple and by sharing “Purple Out” images and messages on social media with #PurpleOutDMV. The City’s Domestic Violence Program and public safety agencies are also participating with staff displaying purple ribbons on emergency vehicles and on uniforms.
Alexandria Mayor William D. Euille recently focused on domestic violence awareness on his show “Mayor Euille Today,” where Kate Garvey and Claire Dunn of the Department of Community and Human Services discussed the warning signs of domestic abuse and what the City is doing to aid victims in breaking the cycle of violence. Click this link for a list of domestic violence services that are available in Alexandria, Virginia.
The public is invited to the Potomac Yard Metrorail Implementation Group (PYMIG) meeting scheduled for Thursday, October 23 from 6:00 to 7:30 p.m. in Sister Cities Room 1101, City Hall, 301 King Street.
The meeting will include a discussion of the recently update financial analysis and an update on the status of the Draft Environmental Impact Statement (PDF).
For more information about this project please contact Lee Farmer or visit the City’s Potomac Yard website at alexandriava.gov/PotomacYard. Formal comments can be submitted at any time throughout the EIS process to firstname.lastname@example.org.
This extraordinary 3 bedroom, 2 bath townhouse is for sale and located at 816 First Street in the Old Town Commons neighborhood of Alexandria, Virginia. Check out the kitchen!
Via the listing
Near EVERYTHING Old Town + just blks 2 Braddock Metro! Our “like new”LEEDS certified EYA Alexander Model TH (all SOLD out!) offers 3 BR, 2 BA, rooftop terrace, fenced rear yd + 2 reserved parking sps. Spacious Gourmet Kitchen has /granite counter tops, stainless appls, 42″ cabinetry and nice pantry. Open floor plan perfect for entertaining. Low HOA fee inclds trash & lawn maintenance. A10
Contact the Realtor at this link if you’re interested in more information about this property.
Looking for a home for rent or for sale in the Alexandria, Virginia area? Click this link to search our listings.
If you have a home to sell or to rent in the Alexandria, Virginia area, consider putting it in front of the areas FASTEST growing audience. Click this link for details.
Need a bike light or check up?
In an effort to help make sure bicyclists are safely visible to motorist and others as we get closer to daylight savings, Local Motion, in partnership with VéloCity will be providing and installing bike lights at its annual Lights for Bikes event. VéloCity will also being doing general bike checkups.
The event will be held at the Braddock Rd. Metro Station from 4:30 to 6 pm on Wednesday, October 22. In order to get a light you need to bring your bike and of course not already have a light. All bikes can get the free checkup.
For our morning links, while you slept, showered, shaved, and got your Starbucks, we scanned the local papers, blogs, and websites to find the most interesting stories in them you might have missed.